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Question No 17 Chapter No 17
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17.Correct the following errors in Mohan Lal’s Book:
(i) A sum of 1,500 written off as depreciation on furniture has not been debited to the Depreciation Account.
(ii) Returns Outward Journal has been overcast by 85.
(iii) Basudev returned goods worth 500; his account was debited by this amount.
(iv) Purchase from Krishna Mohan of 2,250 has been debited to his account.
The solution of Question No 17 Chapter No 16:-
| Date | Particulars | L.F. | Debit | Credit | |
| i | Depreciation A/c | Dr. | 1,500 | ||
| To Suspense A/c | 1,500 | ||||
| (Being Amount of depreciation was not debited in Depreciation Account, now recorded)) | |||||
| ii | Return Outwards A/c | Dr. | 85 | ||
| To Suspense A/c | 85 | ||||
| (Being Return Outwards Book was overcast, now rectified) | |||||
| iii | Suspense A/c | Dr. | 1,000 | ||
| To Basu Dev | 1,000 | ||||
| (Being Goods returned by Basu Dev was wrongly debited to his account, now rectified) | |||||
| iv | Suspense A/c | Dr. | 4,500 | ||
| To Krishna Mohan | 4,500 | ||||
| (Being Krishna Mohan’s Account was wrongly debited, now rectified) | |||||
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Error Rectification in accounting – Explanation with examples
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Also, Check out the solved question of previous Chapters: –
- Chapter No. 1 – Introduction to Accounting
- Chapter No. 2 – Basic Accounting Terms
- Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)
- Chapter No. 4 – Bases of Accounting
- Chapter No. 5 – Accounting Equation
- Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
- Goods and Services Tax(GST)
- Chapter No. 7 – Origin of Transactions – Source Documents and Preparation of Vouchers
- Chapter No. 8 – Journal
- Chapter No. 9 – Ledger
- Chapter No. 10 – Special Purpose Books I – Cash Book
- Chapter No. 11 – Special Purpose Books II – Other Books
- Chapter No. 12 – Bank Reconciliation Statement
- Chapter No. 13 – Trial Balance
- Chapter No. 14 – Depreciation
- Chapter No. 15 – Provisions and Reserves
- Chapter No. 16 – Accounting for Bills of Exchange
- Chapter No. 17 – Rectification of Errors
- Chapter No. 18 – Financial Statements of Sole Proprietorship
- Chapter No. 19 – Adjustments in preparation of Financial Statements
- Chapter No. 20 – Accounts from incomplete Records – Single Entry System
- Chapter No. 21 – Computers in Accounting
- Chapter No. 22 – Accounting Software – Tally
- Chapter No. 5 – Accounting Equation
- Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
- Goods and Services Tax(GST)
- Chapter No. 8 – Journal
- Chapter No. 9 – Ledger
- Chapter No. 10 – Special Purpose Books I – Cash Book
Check out T.S. Grewal +1 Book 2019 @ Official Website of Sultan Chand Publication
T.S. Grewal’s Double Entry Book Keeping